Anil Ambani-led Reliance Health Insurance, a wholly owned subsidiary of Reliance Capital, has received final approval from the insurance regulator to start operations. The company plans to commence operations by the December quarter of 2018.

In a regulatory filing on Friday, Reliance Capital said Reliance Health Insurance "has received R3 approval from the Insurance Regulatory and Development Authority of India (Irdai) for its new health insurance business".

"The scope of health insurance in India is massive and, given the current low penetration, is expected to grow multi-fold over the next few years," Reliance Capital Anmol Ambani Executive Director said.

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The company said health insurance in India has been amongst the fastest-growing insurance sectors, rising at 20 per cent annually and is expected to double to over Rs 1,00,000 crore by 2021. Shares of Reliance Capital were trading 1.36 per cent higher at Rs 272.70 apiece on BSE.